Many retirement funds are characterized by an anticipated retirement target date for the participant. Target-date funds are often characterized by four features: each fund is “targeted” to meet the needs of individuals planning to retire in a specific year; investments are diversified across a mix of asset classes, usually equities and fixed income; the fund automatically rebalances periodically to maintain its target asset allocation; and the asset allocation of the fund evolves along a “glide path” as the target retirement date approaches, generally becoming more conservative through an increased weighting of fixed income securities. The glide path varies significantly across target-date funds. Target-date funds may expose participants to a variety of risks that could disrupt enjoyment of a secure retirement. For example, many participants have experienced significant loss of future retirement income because of sharp declines in asset values in the years immediately preceding retirement. Another risk is that the balance of a retirement account may become zero or nominal due to a string of poor market returns or because of outliving one's assets. A purchasing power risk may arise if retirement income does not grow rapidly enough to keep pace with inflation during retirement.